Refunding bonds

While hope remains for certain muni priorities in 2023, others look highly unlikely to gain traction in an ideologically-split Congress.

Total November volume stood at $19.712 billion, the lightest of any month year-to-date, in 527 versus $37.073 billion in 1,055 issues a year earlier, according to Refinitiv data.

Total October volume was $24.951 billion in 510 deals versus $41.811 billion in 1,068 issues a year earlier, according to Refinitiv data.

Richmond issued $154.1 million in pension obligation bonds in a refunding that terminates swaps, ends a county intercept, and extends the final maturity.

Tollway revenue in the first half of 2022 surpassed pre-pandemic 2019 levels in five of the months.

The "no SALT no deal" Democrats appear ready to support the compromise reconciliation package negotiated in the Senate.

West Virginia Sen. Joe Manchin’s wholesale refusal to back the climate and tax measures in Democrats’ Build Back Better bill deals a final blow to any hopes of passing any provisions of the muni agenda before November.

More firms are revising issuance projections downward due to lower refunding and taxable volumes. Many participants say it is unlikely the market will hit issuance records reached in 2021 and 2020.

Total May volume was $31.167 billion in 750 deals versus $35.358 billion in 1,295 issues a year earlier. In a continuing trend, new-money issuance was up 14.2% in May year-over-year.

Panelists at the NFMA 2022 annual conference said they aren’t holding out for advance refunding to be reinstated anytime soon.